Vasta Platform Ltd (VSTA) 2024 Q2 法說會逐字稿

Hello.

你好。

Thank you for standing by.

謝謝你的支持。

At this time, I would like to welcome you to the Vasta Platform second-quarter 2024 financial results call.

現在，我歡迎您參加 Vasta 平台 2024 年第二季財務業績電話會議。

(Operator Instructions)

（操作員說明）

Before we begin, I would like to read a forward-looking statement.

在我們開始之前，我想閱讀一份前瞻性聲明。

During today's presentation, our executives will make forward-looking statements.

在今天的演講中，我們的高階主管將做出前瞻性聲明。

Forward-looking statements generally relate to future events, future financial, or operating performance in both known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those contemplated by these forward-looking statements.

前瞻性陳述通常涉及已知和未知風險、不確定性和其他因素中的未來事件、未來財務或經營業績，這些因素可能導致我們的實際結果與這些前瞻性陳述預期的結果有重大差異。

Forward-looking statements in this presentation include but are not limited to statements related to our business and financial performance, expectations for future periods, our expectations regarding our strategic product initiatives and their related benefit, and our expectations regarding the market.

本簡報中的前瞻性陳述包括但不限於與我們的業務和財務績效相關的陳述、對未來時期的預期、我們對我們的策略性產品計劃及其相關利益的預期以及我們對市場的預期。

Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management.

前瞻性陳述基於我們管理層的信念和假設以及我們管理層目前可獲得的資訊。

These risks include those set forth in the press release that we are issuing today as well as those more fully described in our filings with the Securities and Exchange Commission.

這些風險包括我們今天發布的新聞稿中列出的風險以及我們向美國證券交易委員會提交的文件中更全面描述的風險。

The forward-looking statements in this presentation are based on the information available to us as of today.

本簡報中的前瞻性陳述是基於我們今天掌握的資訊。

You should not rely on them as predictions of future events, and we disclaim any obligation to update any forward-looking statements, except as required by law.

您不應依賴它們作為對未來事件的預測，並且我們不承擔更新任何前瞻性陳述的義務，除非法律要求。

In addition, management may reference non-IFRS financial measures on this call.

此外，管理階層可能會在此次電話會議上參考非國際財務報告準則的財務指標。

The non-IFRS financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with IFRS.

非國際財務報告準則財務指標不應被單獨考慮或取代根據國際財務報告準則編製的結果。

With that being said, I would now like to turn the conference over to Cesar Silva, Vasta's CFO.

話雖如此，我現在想將會議轉交給 Vasta 財務長 Ssar Silva。

Please go ahead.

請繼續。

Good evening, everyone, and thank you for joining us in this conference call to discuss Vasta Platform's second-quarter of 2024 results.

大家晚上好，感謝您參加本次電話會議，討論 Vasta 平台 2024 年第二季的業績。

I'm Cesar Silva, Vasta's CFO.

我是 Vasta 的財務長 Cesar Silva。

And today, we have the presence of Guilherme Melega, Vasta's CEO, who will be joining me on the call.

今天，Vasta 執行長 Guilherme Melega 將與我一起參加電話會議。

Let me now hand over the floor to Guilherme Melega, our CEO, to make his opening statements.

現在請我們的執行長 Guherme Melega 致開幕詞。

Thank you.

謝謝。

Thank you, Cesar.

謝謝你，塞薩爾。

Let's start on slide number 3.

讓我們從第 3 張投影片開始。

As we approach the end of the current cycle, we are pleased to report that in 2024 cycle to date, our subscription net revenue has achieved a growth of 14% to reach BRL1.152 billion.

隨著本週期接近尾聲，我們很高興地報告，在 2024 年周期迄今為止，我們的訂閱淨收入已實現 14% 的增長，達到 11.52 億雷亞爾。

Vasta concluded the 2024 cycle to date with 11% net revenue growth over the same period of less sales cycle, mostly due to conversion of ACV into revenue and to the performance of the B2G business.

Vasta 在 2024 年周期結束時，與較少銷售週期的同期相比，淨收入增長了 11%，這主要是由於 ACV 轉化為收入以及 B2G 業務的表現。

Vasta subscription revenue achieved in the second quarter of 2024, BRL280 million, a 32% increase compared to the second quarter of 2023 due to the previously disclosed shift in product deliveries, which were deferred to this quarter.

Vasta 在 2024 年第二季實現訂閱收入 2.8 億雷亞爾，較 2023 年第二季成長 32%，原因是先前揭露的產品交付變化（延至本季）。

As a result of the significant second-quarter revenue number, the subscription net revenue has reached BRL1.152 billion, a 14% increase compared to 2023.

由於第二季營收數據可觀，訂閱淨收入已達 11.52 億雷亞爾，較 2023 年成長 14%。

This accumulated figure represents an 85% of the annual contract value estimated for 2024 commercial cycle in BRL1.350 billion, which represents 12% organic growth compared to the previous sales cycle.

這一累計數字佔 2024 年商業週期預計年度合約價值 13.5 億雷亞爾的 85%，與上一銷售週期相比有機增長 12%。

Complementary solutions continue to present the highest growth rate among our B2B segment with a 20% expansion in the cycle to date compared to the same period last year.

補充解決方案繼續在我們的 B2B 細分市場中呈現最高成長率，與去年同期相比，迄今為止的周期增長了 20%。

Moving to the company's profitability, in 2024 cycle to date, our adjusted EBITDA experienced a growth of 15%, reaching BRL428 million, while increasing an adjusted EBITDA margin to 32.7%.

至於公司的獲利能力，2024 年周期至今，我們的調整後 EBITDA 成長了 15%，達到 4.28 億雷亞爾，同時調整後 EBITDA 利潤率提高至 32.7%。

This increase was mainly driven by improvement in gross margin, benefiting from better margin products, a reduction in the product cost, and operating efficiencies.

這一增長主要是由於毛利率的提高、受益於利潤率更高的產品、產品成本的降低和營運效率的提高。

Finally, we continue to see improvement in our cash flow.

最後，我們繼續看到現金流的改善。

In 2024, cycle to date, free cash flow totaled BRL90 million.

2024 年，截至目前，自由現金流總計為 9,000 萬雷亞爾。

As you can see, free cash flow increased by 4% from BRL87 million in 2023.

如您所見，自由現金流比 2023 年的 8,700 萬雷亞爾增加了 4%。

In the last 12 months, free cash flow and adjusted EBITDA conversion rate improved from 26% to 32% as a result of Vasta's growth and implementation of efficiency numbers.

在過去 12 個月中，由於 Vasta 的成長和效率數據的實施，自由現金流和調整後 EBITDA 轉換率從 26% 提高到 32%。

I will now turn back to Cesar Silva, who will talk about the financial results of the quarter in the 2024 cycle to date.

我現在回到塞薩爾·席爾瓦 (Cesar Silva)，他將談論 2024 年周期迄今為止的季度財務業績。

Thank you, Melega.

謝謝你，梅萊加。

In this slide, we present the composition of Vasta's net revenue.

在這張投影片中，我們展示了 Vasta 淨收入的組成。

On the left side, you can observe the organic year-on-year growth in total net revenue for the second quarter, which increased by 8.5%, reaching BRL294 million.

在左側，您可以觀察到第二季總淨收入的有機年增長，增長了 8.5%，達到 2.94 億雷亞爾。

Total subscription revenue achieved in this quarter, BRL208 million on revenues, mainly due to seasonality effect mentioned before.

本季實現的總訂閱收入為 2.08 億雷亞爾，主要是由於前面提到的季節性影響。

This number represents a 32% growth compared to 2023.

與 2023 年相比，這一數字增加了 32%。

Non-subscription, which now represents only 7% of the total revenue, dropped 26% to BRL15 million.

非訂閱收入目前僅佔總收入的 7%，下降了 26%，達到 1,500 萬雷亞爾。

And in the government sector in this quarter, we did not generate new revenue.

而在本季的政府部門，我們並沒有產生新的收入。

And as you can see in this slide, it represented BRL4 million in the second quarter of the last year.

正如您在這張幻燈片中看到的，去年第二季度的收入為 400 萬雷亞爾。

However, in the sales cycle to date, considering the revenue performing this -- in the first quarter of the year, we already achieved a 71% growth in this line of business.

然而，在迄今為止的銷售週期中，考慮到今年第一季的收入，我們在該業務領域已經實現了 71% 的成長。

Moving to the right side of the slide, we analyzed the net revenue for the 2024 sales cycle to date.

轉到投影片右側，我們分析了 2024 年銷售週期迄今的淨收入。

We achieved organic net revenue growth of 11% in the sales cycle to date, amounting to BRL1.309 billion.

迄今為止，我們在銷售週期內實現了 11% 的有機淨收入成長，達到 13.09 億雷亞爾。

The main factor was this exceptional performance work.

主要因素是這種出色的表演工作。

Firstly, the subscription revenue has increased 14% reaching BRL1.152 billion and continues to be the major contributor to our total revenue, representing 88% of the revenue share.

首先，訂閱收入成長了 14%，達到 11.52 億雷亞爾，繼續成為我們總收入的主要貢獻者，佔營收份額的 88%。

Non-subscription revenue, as expected, dropped 30% to BRL8 million, and the net revenue of B2G achieved $69 million and represents 5% of our overall revenue in these sales cycle to date.

正如預期的那樣，非訂閱收入下降了 30%，至 800 萬雷亞爾，B2G 的淨收入達到 6,900 萬美元，占我們迄今為止這些銷售週期總收入的 5%。

In this line of business, there has been an increase of 71% compared to last year.

在這一業務領域，與去年相比成長了71%。

Moving to slide number 5, we can talk about adjusted EBITDA.

轉到第 5 張投影片，我們可以討論調整後的 EBITDA。

In this quarter, our adjusted EBITDA amounted to BRL26 million, a decrease of 36% from the BRL41 million in the second quarter of 2023, mainly due to higher commercial costs and non-recurring positive effects in the second quarter of 2023 of a reduction of a provision for doubtful accounts related to a large retail customer.

本季度，我們調整後的EBITDA 為2,600 萬雷亞爾，比2023 年第二季度的4,100 萬雷亞爾下降了36%，主要是由於商業成本上升以及2023 年第二季度的非經常性積極影響減少與大型零售客戶相關的呆帳帳戶準備金。

On the right side, we see that adjusted EBITDA in 2024 sales to date increased by 15% and reached BRL428 million with a margin of 32.7% or 1.1 percentage points above the 2023 cycle to date.

在右側，我們看到 2024 年迄今銷售額的調整後 EBITDA 成長了 15%，達到 4.28 億雷亞爾，利潤率為 32.7%，比 2023 年周期迄今高出 1.1 個百分點。

Let's now move on to the next slide and explain the breakdown of the adjusted EBITDA margin.

現在讓我們轉到下一張投影片並解釋調整後 EBITDA 利潤率的細目。

In slide number 6, we observed that the EBITDA margin achieved 32.7% in 2024 sales side to date, and there has been an increase of 1.1 percentage points from 31.6% in 2023.

在第 6 張投影片中，我們觀察到 2024 年銷售方面迄今為止的 EBITDA 利潤率達到了 32.7%，比 2023 年的 31.6% 增加了 1.1 個百分點。

Firstly, our gross margin has increased 2.3 percentage points, benefiting from better product mix and reducing impact of product costs as 2023 was a year that the industry faced higher inventory costs caused by global inflation on paper and production costs.

首先，我們的毛利率成長了2.3個百分點，受益於更好的產品結構以及產品成本影響的降低，因為2023年是產業面臨全球紙張和生產成本通膨導致庫存成本上升的一年。

Provision for doubtful accounts was stable between the years in line with our revised credit landscape on the fourth quarter of 2023.

呆帳撥備多年來保持穩定，與我們在 2023 年第四季修訂的信貸環境一致。

As a percentage of net revenue, our commercial expenses increased by 2.3 percentage points, driven by higher expense related to business pension and marketing investments.

由於企業退休金和行銷投資相關費用增加，我們的商業費用佔淨收入的百分比增加了 2.3 個百分點。

And adjusted G&A expenses improved by 1.7 percentage points, mainly driven by workforce optimization and budgetary discipline measures.

調整後的一般管理費用提高了 1.7 個百分點，這主要是由勞動力優化和預算紀律措施推動的。

Moving to slide 7, we show the adjusted net profit.

轉到投影片 7，我們顯示了調整後的淨利。

In this second quarter of 2024, adjusted net losses totaled BRL37 million, a 14% decrease compared to adjusted net losses of BRL32 million in 2023.

2024 年第二季度，調整後淨虧損總計 3,700 萬雷亞爾，與 2023 年調整後淨虧損 3,200 萬雷亞爾相比下降 14%。

On the right side of the slide, in the 2024 sales cycle to date, adjusted net profits reached BRL110 million.

投影片右側，截至2024年銷售週期，調整後淨利達1.1億雷亞爾。

There has been an increase of 66% from adjusted net profit of BRL66 million in 2023 sales cycle to date.

截至目前，2023 年銷售週期調整後淨利潤為 6,600 萬雷亞爾，成長了 66%。

Moving to slide 8, we show the free cash flow evolution.

轉到幻燈片 8，我們展示了自由現金流的演變。

You can see that in the second quarter of 2024, the free cash flow totaled BRL38 million, representing a decrease of 59% compared to BRL94 million in 2023.

可以看到，2024年第二季度，自由現金流總計為3800萬雷亞爾，比2023年的9400萬雷亞爾減少了59%。

This quarter was negatively impacted by two main effects, the anticipation of marketing expenses and increased payments related to 2023 production costs owing to a seasonal effect of paper and print printing purchase.

本季受到兩個主要影響的負面影響，即行銷費用的預期以及由於紙張和印刷品印刷採購的季節性影響而導致與 2023 年生產成本相關的付款增加。

Considering these effects, we foresee a lower volume of production-related payments in the following quarters.

考慮到這些影響，我們預計接下來幾季與生產相關的付款量將會減少。

And consequently, we expect to maintain and improve the free cash flow for the year end.

因此，我們預計年底的自由現金流將維持並改善。

On the right side of the slide, in the 2024 sales cycle to date, our free cash flow reached BRL90 million, an increase of BRL3 million from the BRL8 million (sic - see Presentation, slide 8, "BRL87 million") in 2023.

在幻燈片右側，在迄今為止的2024 年銷售週期中，我們的自由現金流達到9000 萬雷亞爾，比2023 年的800 萬雷亞爾增加了300 萬雷亞爾（原文如此- 參見演示文稿，幻燈片8，“8700 萬雷亞爾”）。

On another important metric, our last 12-month free cash flow to adjusted EBITDA conversion rate improved from 26% to 32%, reinforcing the message that cash generation continues to be a key focus area of our business.

在另一個重要指標上，我們過去 12 個月的自由現金流與調整後 EBITDA 的轉換率從 26% 提高到 32%，強化了現金產生仍然是我們業務重點關注領域的訊息。

Moving to slide 9, we show the provision for doubtful accounts.

轉到投影片 9，我們展示了呆帳準備。

And total expenses with PDA in the second quarter of 2024, totaled BRL10 million, representing 3.4% of net revenue compared to an expense of $1 million in the comparable quarter.

2024 年第二季 PDA 總支出總計 1,000 萬雷亞爾，佔淨收入的 3.4%，而同期支出為 100 萬美元。

The second quarter of 2023 was positively impacted by a non-recurring effect of a reversion of a provision for doubtful accounts related to a larger retail.

2023 年第二季受到與大型零售相關的呆帳撥備恢復的非經常性影響的正面影響。

And if we normalize this effect in order to calculate a comparable PDA for the second quarter, we achieved 2.5% and compared to 3.4%.

如果我們將這一效應歸一化以計算第二季度的可比較 PDA，我們將實現 2.5%，而去年同期為 3.4%。

Of this quarter, we had an increase of 0.9 percentage points.

本季度，我們成長了 0.9 個百分點。

Moving to the right side of the slide, the PDA for 2024 cycle to date amounted to BRL52 million compared to BRL4 million (sic - see Presentation, slide 9, "BRL40 million") in 2023.

移至幻燈片右側，迄今為止2024 年周期的PDA 總額為5200 萬雷亞爾，而2023 年為400 萬雷亞爾（原文如此- 參見演示文稿，幻燈片9，“4000 萬雷亞爾” ）。

The provision for doubtful accounts represents a 4% of the net revenue.

呆帳撥備佔淨收入的4%。

And compared to 2023 sales cycle, there has been an increase of 0.6 percentage points.

並且相較於2023年的銷售週期，成長了0.6個百分點。

This increase in the provision for doubtful accounts is related to more restrictive credit landscape.

呆帳撥備的增加與更嚴格的信貸環境有關。

And as we explained before, we keep our strategy focusing on contracts in premium brands.

正如我們之前所解釋的，我們的策略重點是優質品牌的合約。

Moving to the next slide, we observed that the average payment terms of Vasta's accounts receivable portfolio was 152 days in the second quarter of 2024, which is three days higher than the comparable quarter and in line with the [seasonability] of our business model.

轉到下一張投影片，我們觀察到，2024 年第二季 Vasta 應收帳款組合的平均付款期限為 152 天，比可比季度增加了三天，符合我們業務模式的[季節性]。

So moving to slide 11, let's take a closer look on the net debt movement.

現在轉到投影片 11，讓我們仔細看看淨債務變動。

As of the second quarter of 2024, Vasta had a net debt position of BRL1.063 billion, a BRL6 million decrease from the previous quarter and the financial interest costs and the free cash flow included in the quarter, among almost the same in broad stability for the total net debt in this quarter.

截至2024年第二季度，Vasta的淨負債部位為10.63億雷亞爾，較上一季減少600萬雷亞爾，本季計入的財務利息成本和自由現金流在整體穩定性方面幾乎持平。本季的淨債務總額。

In comparison to the third quarter of 2023, the beginning of 2024 sales cycle, the net debt position increased BRL65 million from BRL998 million, driven also by the financial interest costs in the second repurchase program, which were partially offset by a positive free cash flow of BRL90 million in the period.

與2023 年第三季（2024 年銷售週期開始）相比，淨債務部位從9.98 億雷亞爾增加了6,500 萬雷亞爾，這也是受到第二次回購計畫中的財務利息成本的推動，該成本被正的自由現金流部分抵銷期內價值 9,000 萬雷亞爾。

And I will conclude my part of this presentation with slide 12, explaining some more detail about our net debt composition, which represents BRL1.063 billion at the end of this quarter.

我將用幻燈片 12 來結束本次演示，解釋有關我們的淨債務組成的更多細節，截至本季度末，淨債務構成為 10.63 億雷亞爾。

The amount is composed by debentures issued in the amount of BRL768 million in accounts payable for business combinations with total BRL618 million, reduced by our cash flow availability, which represented BRL324 million.

該金額包括因業務合併而發行的應付帳款中 7.68 億雷亞爾的債券，總額為 6.18 億雷亞爾，減去我們的可用現金流（3.24 億雷亞爾）。

In the lower left part of this slide, we can see that in the second quarter of 2024, the net debt to last 12 months adjusted EBITDA ratio has increased just 0.06x from the last quarter, showing stability after having four consecutive quarters of decrease, and now it stands at 2.28x. And compared to second quarter of 2023, the indicator has improved from 2.57x, a decrease of 0.29x.

在這張投影片的左下部分，我們可以看到，2024年第二季度，過去12個月調整後EBITDA比率的淨債務僅比上季度增長0.06倍，在連續四個季度下降後表現出穩定，現在它是2.28 倍。與 2023 年第二季相比，該指標從 2.57 倍改善，下降了 0.29 倍。

Moving to the right side of the slide, we present the net debt maturities for the coming years, substantially related to the accounts payables in the acquisition of Eleva to be carried out over the next three years and our debentures with related parties, which will take place in 2025, 2027, and 2028 on.

轉到投影片的右側，我們列出了未來幾年的淨債務到期日，與未來三年收購 Eleva 時的應付帳款以及我們與關聯方的債券密切相關，這將需要分別於2025 年、2027 年及2028 年進行。

Additionally, on June, we have mentioned that we issued a new debenture not convertible in shares with an amount of BRL500 million, accruing the rest at a rate equal to 100% of CDI plus a spread of 1.46% per annum average for the two sales of these debentures.

此外，我們在 6 月提到，我們發行了 5 億雷亞爾的不可轉換為股票的新債券，其餘部分按相當於 CDI 100% 的利率加上兩次銷售的年平均利差 1.46% 累積這些債券。

The debentures aim to strengthen the company's capital structure to the prepayment of certain existing debt and expansion of the company's debt mature profile.

這些債券旨在加強公司的資本結構，以提前償還某些現有債務並擴大公司的債務到期規模。

The debentures' final payment date is currently set at 59 months from June.

該債券的最終付款日期目前定為自 6 月起的 59 個月。

It's worth to highlight with this action, we can manage to reduce the total average interest rate of our net debt by 50 basis points.

值得強調的是，透過這項行動，我們可以設法將淨債務的平均總利率降低 50 個基點。

With that being said, I pass the word to our CEO, Guilherme Melega.

話雖如此，我將這個消息轉達給我們的執行長 Guilherme Melega。

Thank you, Cesar.

謝謝你，塞薩爾。

Let's move to the final slide, slide 13.

讓我們轉到最後一張投影片，即投影片 13。

Let me provide you with an exciting update on our significant avenue of growth of Vasta.

讓我為您提供有關 Vasta 重要成長途徑的令人興奮的最新資訊。

As mentioned last quarter, the launch of Start Anglo franchise, combining bilingualism with academic excellence, continues to ramp up and signify the strategic expansion in our new revenue streams.

正如上季度所提到的，Start Anglo 特許經營權的推出將雙語與卓越的學術相結合，繼續加速並標誌著我們新收入來源的策略擴張。

Since the last earnings release, we have signed 10 new contracts.

自上次財報發布以來，我們已經簽署了 10 份新合約。

And we now have 30 contracts as of this date, securely distributed across 11 states in Brazil and over 300 prospects in negotiation.

截至目前，我們已有 30 份合同，已安全分發到巴西 11 個州，並有 300 多名潛在客戶正在談判中。

This broad geographic presence and strong pipeline underscore the robust potential for future growth and market penetration of Start Anglo.

廣泛的地理影響力和強大的產品線凸顯了 Start Anglo 未來成長和市場滲透的強勁潛力。

In this quarter, we launched the Revitalization project of the Liceu Complex, which will be our start annual flagship in Sao Paulo.

在本季度，我們啟動了 Liceu 綜合體的復興項目，這將是我們在聖保羅的年度旗艦店的啟動。

The sites create an operating unit with 1,000-student capacity.

這些站點創建了一個可容納 1,000 名學生的營運單位。

The entire historical architecture design will be preserved.

整個歷史建築設計將被保留。

We are pleased to inform the inauguration event will take place on August 27.

我們很高興地通知您，就職典禮將於 8 月 27 日舉行。

And also on this date, we'll be launching our enrollment campaign for 2025.

同樣在這一天，我們將啟動 2025 年的招生活動。

Having said that, I finish our presentation and invite you all to the Q&A session.

話雖如此，我的演講結束了，並邀請大家參加問答環節。

(Operator Instructions) Lucca Marquezini, Itaú.

（操作員說明）Lucca Marquezini，義大利。

Good evening, everyone, and thank you for taking our question.

大家晚上好，感謝您提出我們的問題。

We noticed that the B2G business unit did not contribute to the consolidated revenue in the quarter.

我們注意到，B2G 業務部門並未對本季的合併收入做出貢獻。

So can you please provide more color on the seasonality of the segment and what we should expect for the second semester of this year for this vertical?

那麼，您能否提供更多有關該細分市場季節性的資訊以及我們對該垂直領域今年第二學期的預期？

Thank you.

謝謝。

Thank you, Lucca.

謝謝你，盧卡。

Thanks for your question.

謝謝你的提問。

Yes, we did not record any new contracts of B2G.

是的，我們沒有記錄任何 B2G 的新合約。

As we mentioned before, we prospect only large public schools network, so those contracts takes time.

正如我們之前提到的，我們只關注大型公立學校網絡，因此這些合約需要時間。

And I would like to reinforce that we have a heated pipeline for B2G, and we maintain a very positive view for this business.

我想強調的是，我們有一個熱門的 B2G 管道，並且我們對該業務保持非常積極的看法。

Last year, we recorded BRL80 million in revenue for B2G.

去年，我們的 B2G 收入為 8,000 萬雷亞爾。

We do expect growth for this year.

我們確實預計今年會出現成長。

And we are expecting new contracts to come up in Q3 and Q4.

我們預計第三季和第四季將出現新合約。

That's the update for B2G.

這是 B2G 的更新。

That's very clear.

這非常清楚。

Thank you.

謝謝。

Mirela Oliveira, Bank of America.

米雷拉·奧利維拉，美國銀行。

Good evening, everyone.

大家晚上好。

A quick question on my side on the commercial expenses.

我這邊有一個關於商業費用的簡單問題。

Could you guys give us some clue here on why this has been increasing?

你們能給我們一些線索來解釋為什麼這種情況一直在增加嗎？

And also on the ACV for next year, I know it's still soon to have a feeling around that.

關於明年的 ACV，我知道還需要很快的時間才能有感覺。

But if there is anything you could comment on the commercial cycle, that would be great.

但如果您能對商業週期有什麼評論，那就太好了。

Thank you.

謝謝。

Thank you very much, Mirela, for your questions.

非常感謝米雷拉提出的問題。

Let me give you some color about our sales cycle.

讓我為您介紹一下我們的銷售週期。

We are very excited with our first semester.

我們對第一學期感到非常興奮。

We are definitely growing significantly from the same season last year.

與去年同期相比，我們肯定有顯著成長。

But as you all know, the first semester normally represents between 35% and 40% of the total sales cycle.

但眾所周知，第一學期通常佔整個銷售週期的 35% 至 40%。

So far, we are really excited.

到目前為止，我們真的很興奮。

We are growing rapidly, but we'll give the guidance for 2025 sales cycle at this year end.

我們正在快速成長，但我們將在今年年底給出 2025 年銷售週期的指導。

So far, so good.

到目前為止，一切都很好。

And going to your question about commercial expenses, we definitely are investing more on this season.

至於你關於商業費用的問題，我們肯定會在本季投入更多。

We have a new GPM for 2025.

我們有一個新的 2025 年毛利率。

We are investing in key accounts in regional expenses to grow fast-learning systems and complementary products.

我們正在對區域支出的關鍵客戶進行投資，以發展快速學習系統和補充產品。

So we are investing in gaining market share and learning systems and keep the good momentum of the complementary products.

因此，我們正在投資贏得市場份額和學習系統，並保持互補產品的良好動力。

So you can expect higher commercial expenses for 2024 since we are harvesting the 2025 sales cycle.

因此，由於我們正在收穫 2025 年的銷售週期，因此您可以預期 2024 年的商業費用會更高。

We do expect a significant growth for 2025, and we are investing in 2024.

我們確實預計 2025 年將出現顯著成長，並且我們正在 2024 年進行投資。

Perfect.

完美的。

Thank you.

謝謝。

Lucas Nagano, Morgan Stanley.

盧卡斯·長野，摩根士丹利。

Hey, good evening, Melega, Cesar.

嘿，晚上好，梅萊加，塞薩爾。

Thanks for taking our questions.

感謝您回答我們的問題。

I have two questions.

我有兩個問題。

The first is a follow up on the ACV for the next year.

第一個是明年 ACV 的後續行動。

If you could break down on what is driving this better growth, how competition is behaving, if it's the same of last year's or if it's more behaved now because we are reaching -- we know that we're -- the penetration we are seeing is increasing.

如果你能詳細分析是什麼推動了這種更好的成長，競爭的表現如何，是否與去年相同，或者現在是否表現得更好，因為我們正在達到——我們知道我們正在——我們所看到的滲透率正在增加。

And what is driving this faster growth for this year?

是什麼推動了今年更快的成長？

And the second question is related to Start Anglo.

第二個問題與 Start Anglo 有關。

Your main competitor announced a similar investment.

您的主要競爭對手宣布了類似的投資。

And we wanted to get some perspective on how this interferes in your business plan, and where do you see your competitive advantages?

我們想了解這對您的商業計劃有何影響，以及您認為自己的競爭優勢在哪裡？

Thank you.

謝謝。

Thank you very much.

非常感謝。

Let me give you a little bit more color about the ACV growth.

讓我為您提供有關蘋果醋生長的更多資訊。

Our growth is based on regional focus.

我們的成長基於區域重點。

We are focusing on very heavily owned regions that we do not have the market share -- the average market share of Vasta.

我們專注於擁有大量股權的地區，但我們沒有市場份額——Vasta 的平均市場份額。

So we do focus on where we can grow, and we are investing on that.

因此，我們確實專注於我們可以成長的領域，並且我們正在對此進行投資。

And for competitive reasons, I cannot give you more color about that.

出於競爭的原因，我無法給你更多關於這一點的資訊。

But we do have a strategy to grow market share market share, thinking about regional opportunities, and complementary products keep having a very good momentum.

但我們確實有一個擴大市場份額的策略，考慮區域機會，互補產品保持著非常好的勢頭。

Schools need to differentiate themselves, and complementary has been shown as a very good way for the schools to enhance their offer to their community.

學校需要脫穎而出，而互補性已被證明是學校增強社區服務的一個非常好的方式。

So I would say that in the past, complementary products used to be a cross sale on our base, but now it has its own market.

所以我想說，以前互補產品在我們基地是交叉銷售，但現在有了自己的市場。

We sell to new schools that does not belong to our base.

我們向不屬於我們基地的新學校出售產品。

So the growth comes from regaining market share and from complementary products on ACV.

因此，成長來自於重新獲得市場份額以及 ACV 上的補充產品。

Regarding Start, we are very confident about our business model.

對於Start，我們對我們的商業模式非常有信心。

We launched it last year.

我們去年推出了它。

And we have been investing on it for two years.

我們已經為此投資了兩年。

So we do believe that we have a very strong base to keep growing.

因此，我們確實相信我們擁有非常堅實的基礎來保持成長。

Our competitive advantage definitely comes from our brands.

我們的競爭優勢肯定來自於我們的品牌。

It's based on the Anglo brand, which has very strong academic results.

它以 Anglo 品牌為基礎，擁有非常強大的學術成果。

And the [business] that we developed with Macmillan, that has shown exceptional results on our partner schools.

我們與麥克米倫合作開發的[業務]在我們的合作學校中取得了優異的成績。

So we do -- we are very -- we strongly believe that we have all the way to grow on Start.

所以我們確實——我們非常——我們堅信，我們能夠在 Start 上一路成長。

And additionally, we are investing on a very sound flagship here in São Paulo, Liceu, which is a very traditional school, more than 100 years old that are switching to Start.

此外，我們正在聖保羅投資一所非常完善的旗艦學校，Liceu，這是一所非常傳統的學校，已有 100 多年的歷史，現在正在轉向 Start。

And we'll be launching it this month of August.

我們將於八月推出它。

So we are -- we do believe that Start has a very -- a great future in our business and is a growth avenue for Vasta.

因此，我們確實相信 Start 在我們的業務中擁有非常美好的未來，並且是 Vasta 的成長途徑。

Very clear, Melega.

非常清楚，梅萊加。

Thank you.

謝謝。

There are no further questions at this time, so I'll turn the call back over to Guilherme Melega, Vasta's CEO.

目前沒有其他問題，因此我會將電話轉回給 Vasta 執行長 Guilherme Melega。

Thank you all to participate on Vasta Q2 conference call.

感謝大家參加 Vasta 第二季電話會議。

Let me re-emphasize that in our B2B business, we are very pleased with the sales campaign for 2025.

讓我再次強調，在我們的 B2B 業務中，我們對 2025 年的銷售活動感到非常滿意。

Our GTM strategy is showing great results.

我們的 GTM 策略正在顯示出良好的效果。

So we'll give more color at the year end about that.

因此，我們將在年底對此提供更多資訊。

And our -- both our growth opportunities, B2G, we have a heated pipeline.

我們的成長機會、B2G，我們都有一條火熱的管道。

And we do expect to have new contracts very soon and when we start kids growing ahead on our expected curve.

我們確實希望很快就能簽訂新合同，當我們開始讓孩子們按照我們的預期曲線成長時。

And we also have great expectations on that.

我們對此也抱持著很大的期望。

So our core business is doing good, and our both growth strategy avenues are also doing growth and performing ahead of our curves.

因此，我們的核心業務表現良好，我們的兩個成長策略途徑也在實現成長，並且表現領先於我們的曲線。

So that's for Q2.

這就是第二季的情況。

Looking forward to seeing you all in Q3 conference call.

期待在第三季電話會議上見到大家。

Thank you all.

謝謝大家。

The meeting is now concluded.

會議現已結束。

You may now disconnect.

您現在可以斷開連線。